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Note 3 - Securities

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 3 – SECURITIES

The fair value of securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income is as follows:

Available-for-Sale Securities		*Amortized Cost*				*Gross Unrealized Gains*				*Gross Unrealized Losses*				*Fair Value*
December 31, 2023
Certificates of deposits		$	29,513			$	—			$	—			$	29,513
Municipal securities			930				12				(8	)			934
U.S. Treasury Notes			115,920				—				(3,412	)			112,508
U.S. government-sponsored agencies			35,446				7				(62	)			35,391
Mortgage-backed securities - residential			3,431				27				(91	)			3,367
Collateralized mortgage obligations - residential			1,023				—				(20	)			1,003
		$	186,263			$	46			$	(3,593	)		$	182,716
December 31, 2022
Certificates of deposits		$	2,233			$	—			$	—			$	2,233
Municipal securities			240				—				(15	)			225
U.S. Treasury Notes			170,906				—				(7,803	)			163,103
U.S. government-sponsored agencies			40,000				—				(301	)			39,699
Mortgage-backed securities - residential			3,997				27				(143	)			3,881
Collateralized mortgage obligations - residential			1,223				—				(26	)			1,197
		$	218,599			$	27			$	(8,288	)		$	210,338

Mortgage-backed securities and collateralized mortgage obligations reflected in the preceding table were issued by U.S. government-sponsored entities and agencies, Freddie Mac, Fannie Mae and Ginnie Mae, and are obligations which the government has affirmed its commitment to support.

The amortized cost and fair values of securities available-for-sale by contractual maturity are shown below. Securities not due at a single maturity date are shown separately. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

		*December 31, 2023*
		*Amortized Cost*				*Fair Value*
Due in one year or less		$	119,194			$	117,892
Due after one year through five years			62,615				60,454
			181,809				178,346
Mortgage-backed securities - residential			3,431				3,367
Collateralized mortgage obligations - residential			1,023				1,003
		$	186,263			$	182,716

Securities available-for-sale with unrealized losses not recognized in income are as follows:

		*Less than 12 Months*												*12 Months or More*												*Total*
		*Count*				*Fair Value*				*Unrealized Loss*				*Count*				*Fair Value*				*Unrealized Loss*				*Count*				*Fair Value*				*Unrealized Loss*
December 31, 2023
Municipal securities			—			$	—			$	—				1			$	217			$	(8	)			1			$	217			$	(8	)
U.S. Treasury Notes			—				—				—				170				112,508				(3,412	)			170				112,508				(3,412	)
U.S. government-sponsored agencies			2				8,987				(13	)			4				17,951				(49	)			6				26,938				(62	)
Mortgage-backed securities - residential			—				—				—				17				2,627				(91	)			17				2,627				(91	)
Collateralized mortgage obligations - residential			—				—				—				6				1,003				(20	)			6				1,003				(20	)
			2			$	8,987			$	(13	)			198			$	134,306			$	(3,580	)			200			$	143,293			$	(3,593	)

December 31, 2022
Municipal securities			1			$	225			$	(15	)			—			$	—			$	—				1			$	225			$	(15	)
U.S. Treasury Notes			147				104,439				(4,104	)			53				58,664				(3,699	)			200				163,103				(7,803	)
U.S. government-sponsored agencies			9				39,699				(301	)			—				—				—				9				39,699				(301	)
Mortgage-backed securities - residential			18				3,016				(143	)			—				—				—				18				3,016				(143	)
Collateralized mortgage obligations - residential			5				1,009				(18	)			1				171				(8	)			6				1,180				(26	)
			180			$	148,388			$	(4,581	)			54			$	58,835			$	(3,707	)			234			$	207,223			$	(8,288	)

U.S. Treasury Notes, U.S. government-sponsored agencies and certain other available-for-sale securities reflected in the above table that the Company holds in its investment portfolio were in an unrealized loss position at December 31, 2023, but the unrealized loss was not recognized into income because the U.S. Treasury Notes are backed by the full faith and credit of the United States and the other issuers were high credit quality, it is not likely that the Company will be required to sell these securities before their anticipated recovery occurs and the decline in fair value was due to changes in interest rates and other market conditions. The fair values are expected to recover as maturity dates of these securities approach.

We reviewed the available-for-sale securities in an unrealized loss position within the guidelines of ASC 326 and determined that no credit loss is required to be recognized.

The proceeds from sales of securities and the associated losses were as follows:

		For the years ended December 31,
		2023				2022
Proceeds		$	42,631			$	—
Gross gains			—				—
Gross losses			(454	)			—